Building Details

Buildings 2

Listing Agency: RE/MAX CUTTING EDGE REALTY a***@gmail.com Show Phone

Listed By: Amber Ayers · License #373940 Show Phone

Source: Exprealty

Added: Oct 20, 2025 Changed: Aug 30 Last Checked: Aug 30 at 3:01PM

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Investment Insights

Based on property information with market context.

This warehouse property includes two separate buildings totaling 2,000 square feet. Building A contains approximately 800 square feet, while Building B provides approximately 1,200 square feet, creating a flexible configuration for light industrial activity, storage, or small business operations. An on-site bathroom adds practical functionality for occupants and day-to-day use.

The property is located at 109 Bowen Hill Rd in Haddock, Georgia, with access to Highway 22. Its position between Gray and Milledgeville places the buildings within reach of both communities. Building A is currently leased under a one-year term, while the two-building layout offers distinct spaces for commercial use.

Key Highlights

• Two warehouse buildings totaling 2,000 square feet
• Building A measures approximately 800 square feet
• Building B provides approximately 1,200 square feet

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$14,794

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

6.46%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$295,880 $295.9K

Cap Rate 7%

$211,343 $211.3K

Cap Rate 9%

$164,378 $164.4K

Market Conditions

NOI Build-Up for 2,000 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$19.0K $9.48/SF

− Vacancy

−$1.6K −$0.78/SF

EGI

$17.4K $8.70/SF

− OpEx

−$2.6K −$1.31/SF

NOI

$14.8K $7.40/SF

Area

Jones County, GA

Vacancy

8.20%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$295,880

Cap Rate 7%

$211,343

Cap Rate 9%

$164,378

Alternative Uses

Best Use

Warehouse

$211.3K

$184.9K – $246.6K (±1% cap)

NOI $14,794 @ 7.0% cap · market cap 6.46%

Second Best

Industrial

$180.5K

$157.9K – $210.6K (±1% cap)

NOI $12,634 @ 7.0% cap · market cap 5.52%

Theoretical Best

Healthcare Medical

$382.6K

$334.8K – $446.4K (±1% cap)

NOI $26,784 @ 7.0% cap · market cap 11.70%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

J & L Supply ... Marketing & Advertising

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Grocery & Convenience Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

27

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 31033, GA

2,260

Population

937

Households

2.4

Avg Household Size

43

Median Age

9%

College-Educated

85%

High-School Grad

67.5 sq mi

ZIP Area

33

Density / Sq Mi

$67,034

Median Household Income

$41,148

Median Earnings

$1,008

Median Rent

$152,800

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - Separate warehouse buildings offer adaptable commercial space with an on-site bathroom and convenient Highway 22 access.

Where is this warehouse located?

The property is located at 109 Bowen Hill Rd Haddock, GA.

What is the asking price?

The asking price for this property is $229,000.

What are key features of this property?

This property features: Two warehouse buildings totaling 2,000 square feet; Building A measures approximately 800 square feet; Building B provides approximately 1,200 square feet